The House GOP tax bill unveiled on Thursday would eliminate a tax break that has been regularly used to help finance the construction of new stadiums for professional sports teams.

Bottom line: This new language means that more pro team owners would need to pony up for their own facilities, as it would be much harder to convince state and municipal lawmakers to approve bond packages that are no longer tax exempt. Since 2000, there have been around $13 billion worth of tax-exempt bonds issued for stadium construction.

The new language removes tax exemption for any bonds whose proceeds are used to finance capital expenditures for any facility that is used for pro sports games, training or exhibitions at least five days in a calendar year. This is in keeping with the spirit of the authors of the last major tax reform in 1986, although their actual language created the loophole that today's tax-writers are seeking to close.

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Updated 14 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 33,217,895 — Total deaths: 999,273 — Total recoveries: 22,975,269Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 7,128,774 — Total deaths: 204,881 — Total recoveries: 2,766,280 — Total tests: 101,298,794Map.
  3. States: Cuomo extends New York moratorium on evictions until 2021.
  4. Business: Companies are still holding back earnings guidance.
  5. Health: The childless vaccine — Why kids get less severe coronavirus infections.
  6. World: India the second country after U.S. to hit 6 million cases.
14 mins ago - Podcasts

Digging into Trump's taxes

President Trump paid no federal income tax in 10 of the past 15 years, and just $750 in 2016 and 2017, according to a new report from the New York Times. He also is reported to have hundreds of millions of dollars in outstanding debts, most of which would come due during a second term.

Axios Re:Cap focuses on what is and isn't surprising about the revelations, plus how real estate developers are taxed, with Francine McKenna, an independent financial journalist and certified public accountant.

Pennsylvania GOP asks Supreme Court to halt mail-in ballot extension

Applications for mail-in ballots in Reading, Pennsylvania. Photo: Ben Hasty/MediaNews Group/Reading Eagle via Getty Images

Republicans in Pennsylvania on Monday asked the U.S. Supreme Court to halt a major state court ruling that extended the deadlines for mail-in ballots to several days after the election, The Morning Call reports.

Why it matters: It's the first election-related test for the Supreme Court since the death of Justice Ruth Bader Ginsburg, and could decide the fate of thousands of ballots in a crucial swing state that President Trump won in 2016. What the court decides could signal how it would deal with similar election-related litigation in other states.